ForeverCar, a Chicago, IL-based technology platform for the car repair industry, closed a $15m debt and equity financing round.
The investment included:
– additional follow on equity participation of over $3m from existing investors CMFG Ventures, which is the venture capital arm of CUNA Mutual Group, Method Capital LLC, SAP Fieldglass Founder and former CEO Jai Shekhawat, and other existing investors, and
– a $12m debt facility managed by City Capital Advisors.
The company will use the funds to expand its consumer-friendly financing solution by capitalizing a new entity, ForeverCar Consumer Credit, LLC, and their direct-to-consumer and business-to-business marketing, sales, and servicing capabilities.
Founded in 2012 by Mark Hodes, CEO, ForeverCar operates a technology platform that sells vehicle service contracts to consumers whose vehicles are not covered by the manufacturer warranty directly and through reputable brands. The platform powers transactions on behalf of Liberty Mutual, CUNA Mutual Group and other partners.